Rethinking finance in the face of new challenges / edited by David Bourghelle, Roland Pérez and Philippe Rozin.

Format:

Book

Contributor:

David Bourghelle,, editor.

Pérez, Roland, editor.

Rozin, Philippe, editor.

Series:

Critical studies on corporate responsibility, governance and sustainability ; 15.

Critical studies on corporate responsibility, governance and sustainability ; 15

Language:

English

Subjects (All):

Finance--History.

Finance.

Physical Description:

1 online resource (313 pages)

Place of Publication:

Bingley, England : Emerald Publishing, [2021]

Summary:

Rethinking Finance in the Face of New Challengesprovides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance.

Contents:

Cover

RETHINKING FINANCE IN THE FACE OF NEW CHALLENGES

CRITICAL STUDIES ON CORPORATE RESPONSIBILITY, GOVERNANCE AND SUSTAINABILITY

EDITORIAL ADVISORY BOARD

Copyright

CONTENTS

LIST OF FIGURES

LIST OF TABLES

LIST OF APPENDICES

ABOUT THE EDITORS

ABOUT THE CONTRIBUTORS

PREFACE

ACKNOWLEDGEMENTS

Rethinking Finance in the Face of New Social, Societal and Environmental Challenges

Notes

Part I. Finance, Financialisation in a Global Market

Introduction: Finance and Financialisation in a Global World

References

Financial Instability and Temporality Conflicts in Financialised Capitalism

Abstract

Introduction

Financial Instability as the Scourge of Capitalism according to Keynes

The Distinction Introduced by Keynes between a Capital Demand Price and Two Supply Prices

Marginal Capital Efficiency and Equity Market Confidence

Liquidity Requirements for Financial Securities at the Root of Financial Instability

Preference for Liquidity and Bank Credit Status

Questions Left Unanswered in the General Theory

Minsky's Hypothesis of Financial Instability

The Decisive Role of Leverage in Investment Financing

The Paradox of Financial Tranquillity for Minsky

The Main Sources of Financial Instability in Financialised Capitalism

The Long Financial Cycle Governed by the Logic of Momentum

The Financial Dimension of the Business Cycle in the Growth Regime of Financialised Capitalism

Domination of Market Finance over Bank Finance

The Decisive Role of the Real Estate and Consumer Credit Market

The New Phase of Globalisation since the Early 1990s

Shareholder Governance of the Company

The Three Dominant Forms of Financial Instability in Financialised Capitalism.

Differentiated Financial Cycles across National Economies within the Euro Area

The Business Cycle Governed by Leverage in the Growth Regime of Financial Capitalism

Strategy for Creating Shareholder Value and Building Leverage Effect

Upward Pressure on the Corporate Profit Rate

The International Convergence of Share Prices and the Maintenance of TSR Differentiation

Unification of Equity Markets at International Level

Strong Differentiation of TSRs from One Financial Centre to Another

TSRs Based on Real and Financial Factors Act Differently Depending on the Listed Companies' Nationality

Conclusion

Unconventional Monetary Policies: New Normal or 'Black Hole'? 2019: The Year of Truth

The End of Normalisation

Normalisation: October 2013-December 2018

The Flip-flop: December 2018-January 2019

Stock Markets Behaviour during Phases of Monetary Tightening

FED Leaders' Expectations: 2015-2019

The 'Dots' or the Story of a Renunciation

Monetary Policy and Real Rates

ZIRP, NIRP and QE 'New State of Finance' or the Ultimate Stage of 'Cavalry'?

The Disappearance of Inflation

Central Banks Action: 'The Only Game in Town?'

The Modern Monetary Theory: Innovation or Deception?

Directions for Research

On the Financialisation of Business Strategies

The Stakes in Terms of Activities

From Conglomerates to Pure Players: Diversification versus Specialisation - Who Should Bear the Risk Associated with the Ac ...

From Industrial Empires to Fabless - Integration versus Outsourcing: Do or Have Done - Who Should Produce?

The Stakes in Terms of Financing

From Suspicion of Debt to the Search for Leverage: How Has the Relationship to Debt via the Cost of Capital Evolved?.

Changes in Equity Policies: From Dilution to Accretion - The Extreme Case of Share Buybacks

Meaning of Share Buybacks

Relationship with Monetary Policies

Benefits and Risks of Share Buybacks

Comments

On the Strategic Choices Relating to Activities

Diversification or Specialisation?

Integration or Refocusing?

On Strategic Finance-Related Choices

On the Relationship to Debt

On Share Buybacks

How Do We Counter Financialisation?

Part II. The Construction of Financial Values: An Historical Perspective

Introduction: The Construction of Financial Values - A Historical Perspective

Paving the Way towards Financialisation: The French Case of State Venality of Offices (Century 15th-17th)

Introduction1

Struggles over State Finances: From State Building to the Empowerment of Officeholders

State Venality and State Building

Instability of the Legislative Framework of Offices: Struggles for Control of a State Apparatus

Annuities and the Enactment of Annual Right: Towards the Centrality of Officeholders within the State

From the Centrality of Officeholders to the Financialisation of State Finances

Office Marketisation and the Emergence of Financial Behaviours

Use Value, Exchange Value and Partisans

The Institutional Architecture of Value: Appraisals and the Formation of Bubbles in the Financialised Real Estate Sector

Appraisals: A Valuation Practice that Feeds Bubbles

Structuration of an Appraisal Market Dominated by a Few Large International Corporations

Unequal Power Relations between Clients and Appraisers

The Indetermination of Value

Building Value under Uncertainty

How to Fix a 'Plausible' Value under Uncertainty?

The Work of Legitimisation of Value.

Conclusion

Accounting as a Political Object

Accounting and Politics

Relational Ecology: Rethinking the Sustainability of Capital

The Externality of Social and Environmental Costs

The Integrative Accounting Model

Accounting and Economic Democracy

Part III. Social Reality and the New Financial Structures: Sustainable and Participatory Finance

Introduction: Responsible Finance and Social Impact - Assessing Alternative Forms of Social Engagement and Value Creation

The Finance Conundrum: From Theory to Practice

Finance: A Catalyst for Social Change

Sustainable Finance and Sustainable Development Goal

Crowdfunding and the Commodification Drift

Conclusion: Pathways for Creating a Sustainable and Participatory Finance

Social Impacts and Their Contracts

Productivity in Service Activities

Interest in the Specific Nature of Service Activities

A Conventional Measure of Productivity in Services

The Expansion of Performance Measures in Public Services

'Modernising' Public Action by Management through Performance

Relating Profit to Costs

An Object That Is Rarely Identified, but Which Is Nonetheless Consensual: The Measure of Impact

The Financial Arrangement of the Social Impact Bond

Principles of the Social Impact Bond

Towards 'Financialisation' of Social Action?

The Crowdfunding: Towards a Commodification of Generosity?

Articulation Donation and Financing with Crowdfunding

Financial Intermediation of Crowdfunding

The Place of Donation in Our Societies

Donation: Invisible Funding for Economic Theories

The Gift: A Specific Motivation in Market Exchanges.

Gift in the Trade Interstice according to Polanyi: Reciprocity Subject to the Market

The Gift at the Macroeconomic Level: Re-questioning the Role of the Banking System and Money through a Keynesian Approach

Hybridisation of Market and Reciprocity Logics within the Crowdfunding

A Gift as Creation of Profit, towards a Market Logic

Competition and Regulation of Donations

Sustainable Finance: Concepts, Analyses and Perspectives

Sustainable Finance

Corporate Social Responsibility

Socially Responsible Investments

The Implementation of Sustainable Finance

Hard Law

Soft Law

Contractual Approach

Managerial Approach

Sustainable Performance

Integrated Reporting

Fintech, Digitalisation and Sustainable Development

Part IV. Finance, Markets and Society: Rethinking the Paradigm?

Introduction: Finance, Markets and Society - Rethinking the Paradigm

Economics and Finance: The Monopoly and Dangers of the Mainstream School of Thought*

Teaching Finance: Did the 2008 Financial Crisis Take Place?

Is Economics Still a Social Science?

Essential Overlooked Topics

Can Behavioural Finance Be the Foundation for New Regulation?

Assumptions about the Behaviour of Agents and Their Implications for the Debate on Regulations

The Foundations of Behavioural Finance and Its Critiques

Can the Findings of Behavioural Theory, Despite Their Imprecision, Form the Basis for the Construction of New Regulations?

The Psychological Biases behind Regulations

Psychological Biases as the Source of Calls for Regulation

The Psychological Biases of Regulators and Politicians.

Behavioural Finance as the Basis for New Regulations?.

Notes:

Description based on print version record.

ISBN:

9781801177887

1801177880

OCLC:

1276854251